global headquarters here's your top five at five. a historic day here in the united states in the fight against covid-19. as mass distribution of a vaccine gets under way. we have complete team coverage around the country. amid that progress against the outbreak. stocks looking to snap back. in washington d.c., the federal government revealing a data breach of several agencies,

including the treasury department. we'll have the latest on who may be behind the hack. and then overseas, negotiators working on a brexit deal to get another deadline extension as the uk and eu remain divided on key components. and new york city restaurants already struggling to survive facing yet another hurdle as a new indoor dining ban takes hold. it is monday, december 14, 2020, you are watching worldwide exchange right here on cnbc. good morning i am dominic shue in for brian sullivan today. futures right now pointing to pretty decent gains, the dow higher by nearly 200 points, the nasdaq up about 42.

the nasdaq has been the outperformer as of late. this after stocks snapped their multiweek winning streak on friday. all three finishing lower with the s&p 500 closing down nearly 1% as you can see here. it's shaping up to be another big week for investors this week. in addition to the pfizer vaccine rollout, the federal reserve will kick off its final two day policy meeting of 2020 tomorrow. on wednesday we get november retail sales figures and an early look at the holiday shopping season there. let's now go worldwide as the deadline for brexit talks gets extended and germy rolling out tough new covid restrictions. julianna tatelbaum is live with more. >> this morning european markets are marching higher alongside the u.s. futures. this comes after a lackluster week for european stocks last

week. the main benchmark dropped about 1%, breaking a five week winning streak. this morning the benchmark is up about 0.8% breaking it down we are seeing green across the board and we are continuing to very closely watch the brexit talks. if we give you a look at the region. we have red in the swiss markets trading just below the flat line. but the uk market up about .3%. fairly strong gains. the banks are outperforming this morning relative to the broader market. we are seeing outperformance in the banking sector alongside autos, insurance, travel and leisure, so a bias towards the cyclical stocks. the brexit talks continue after the self-imposed deadline yesterday. lastly, a check on german

markets, germany goes back to lockdown on wednesday, a hard lockdown until january 10th. the market showing resilience as the at-home stocks catch a bid this morning. back to you. now to some of our other top stories we are following and the biggest one is the rollout of the pfizer biontech covid-19 vaccine here in the united states. workers at the factory in michigan began packing the first shipments of the vaccine yesterday. trucks were escorted by security officers and loaded up on planes to be distributed across the country. the vaccine is being sent to more than 630 locations nationwide with 145 to get them today and another 425 tomorrow. and a further 66 on wednesday. hospitals are preparing to administer the first shots as soon as today.

pfizer's ceo will have more on this when he joins "squawk box" at 8:00 a.m. eastern time. a must watch interview later today, 8:00 a.m. eastern. meanwhile, novartis says a study of its drug did not meet the primary end goal of reducing the number of hospitalized covid-19 patients with complications. the data shows the treatment on top of standard care did not reduce severe complications, including respiratory failure that requires a ventilator or admission into an intensive care unit. and astrazeneca is buying alexion in the highest deal ever. the move would boost astrazeneca's footprint in treating rare diseases. you can see alexion shares up

35%, astrazeneca down roughly 5%. back to the overall markets, the major averages ending lower and snapping a winning streak in the first full week of december. while investors are growing optimistic about vaccines several concerns continue, including discussions in d.c. and brexit talks. for more now we are joined by candace bankson, on the team at fiera capital. is a worrisome fact that we are at record highs despite the unknowns in play? >> absolute lit. there are a lot of near risks and headlines that are worrisome, whether it's the brexit deliberations. delays on the fiscal front in the u.s. and the latest worrisome virus trends across the u.s. and europe.

and, of course, the potential for some near term economic impacts. but our sense is that given these vaccine break throughs, investors will be able to work through some of the near term headline risks towards a more lucrative 2021. >> it seems as if they've already looked through it. they put it up there saying this is going to be great in 2021, perhaps even beyond. how much optimism is in the marketplace given the fact we know veeaccines are rolling out today. >> the mood in the market is definitely leaning bullish and a lot of optimism given the recent developments. the stars are aligning for a fantastic 2021. i think what markets are underestimating is the magnitude of the recovery in the latter part of next year. we know about the vaccine but this is going to spark a swift

return to normalcy, particularly given that pent up demand, elevated savings and delayed impact from the monetary and fiscal, helping with the rival in the latter part of next year. this is what hasn't been reflected in prices, particularly in those sectors of the market tied to the fortune of the global economy. >> many of the guests that we've spoken to over the last several weeks talked about this move for the markets and investors into nontechnology oriented cyclical sectors a way of saying let's go for the economic sensitive stuff and not technology. where are the overweights in your mind? >> this has been the year of the pandemic, uncertainty, this is the rally that we've seen since march that's been largely driven by the tech sector.

2021, of course, in our view is going to be a year of the reopening and recovery. and this is where we want to be exposed to those sectors of the market tied to the economy. so resources, industrials, financials. these sectors have lagged in the equity market since the march lows and this is where we see compelling value in the next 12 months. >> thank you for joining us. when we come back, more on today's historic vaccine rollout. we talk to the head of one transportation company working to get it out to everybody. and the latest on whether a stimulus deal with actually get done. later on we lay out whether the

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welcome back to "worldwide exchange" rollout of pfizer's covid-19 vaccine has begun with fed ex and ups trucks leaving the plant in michigan yesterday. as you're seeing there. the transport is challenging given the treatment's refrigeration requirements. one company experiencing this is

boyle transport which is working with ups to get that vaccine to everybody in america. we're joined by andrew boyle, the co-president of boyle transportation. we saw the trucks going out, what's the hardest part about your job in the coming weeks. >> good morning, thank you for having me. what's interesting is what we did yesterday is what we do every day. so that's our business, transporting vaccines and pharmaceuticals. what was unusual about yesterday is the extraordinary media attention and the nature of that product launch. so the challenges are largely at other levels of the logistics networks. but we're proud to be humble truckers serving our role in the larger scheme. >> as we talk about the notion that we are trying to undertake the biggest vaccination effort we've seen in generations here in the u.s., you're part of that

logisti logistics infrastructure. what does it mean then for you as a trucking company specializing in this kind of stuff to be able to kind of deliver these products out to market. how important is it for you and your company to be able to participate in a huge endeavor like this? >> the sense of pride our teammates felt yesterday was extraordinary. what was heroic to this point was the drug developers, the clinical trial participants. and now we're to the point where it's the people we saw yesterday those on the loading docks, the truckers, the pilots and the men and women we love in brown uniforms delivering those packages. so blue collar america are playing such a vital role in

this execution and they're very proud and ready. >> andrew, a lot has been made of just how difficult it is logistically and from a refrigeration standpoint to kind of get this vaccine out to everybody. what exactly then is going to be the difficulty for you? how hard are the refrigeration requirements and the shelf life issues going to be to get a good vaccine out to everybody that's effective for everybody down the line? had. >> that's what we do, secure logistics. and there's some infrastructure in the network set up globally to transport medicine and we serve one segment of that. clearly the difference with that product yesterday is the temperatures are extraordinarily low. so often what you see is no truck can get to minus 70, that's liquid nitrogen, that doesn't happen. so it's usually shipped in

passive or active containers. pass sie passive containers include gel packs or dry ice. or sometimes they're shipped in igloos or containers that have hvac systems in there. so you're trying to reduce the delta between what's in that container and the shipping unit, like the trailer in our case or the belly of an aircraft. so you're trying to reduce the delta to prolong the duration of the dry ice and the gel packs. >> what worries you most about this vaccine rollout, andrew? >> in the motor transportation segment, it's a tight capacity. it's the tightest capacity environment we've experienced in my career at the same time we have a spike of demand.

we're doing our part. we're going to be as efficient as possible, create as much capacity as possible. but we're prioritizing this type of cargo. if people receive their holiday gifts a little bit late, i think they're willing to do so in light of the challenge that we're facing. >> andrew boyle, boyle transportation, thank you very much. he's also the vice chairman of the american trucking association. we appreciate your thoughts. thank you very much and good luck sir. >> thank you for having me. >> still on deck for the show we talk to one new york city restauranter about the challenges they're facing on the

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welcome back. indoor dining at restaurants across new york city will be banned starting today amid rising covid cases across the region. the move by governor andrew cuomo deals a major blow to the city's hospitality industry, already struggling and gearing up for what's expected to be a brutal winter. for more i'm joined by co-owner and executive jechef jordan. thank you for joining us. back then we talked about the difficulties of closing in the restaurant industry. has it gotten better or worse since your last appearance here

on our network? >> since the last appearance i closed one restaurant and opened the other. one landlord wouldn't work with us while another one gave us some covid friendly stipulations and a new lease. it's been difficult. the cold weather has not been kind. it's eliminated a lot of our seats and with indoor dining closing we're eliminating more. we have a good set up of an outdoor area but it's not looking good, especially with colder weather and snow coming into the forecast. >> how is that going to play out? we know in certain parts of the country, the midwest and northeast, cold weather is going to be a factor, we've known it for months now. is there anything that can be down by restauranteurs given the cold weather and what's imposed with indoor dining restrictions? >> it's going to be tough because there's only so much footprint that we can extend our restaurants out to new york

sidewalks. the mayor and governor have done their best to give us bike lanes and parking spots, but it's up to the restauranteurs like me, we've opened up new dining, we introduced new menu items, increased contactless ordering. we've done everything we can to up our revenue stream. so now we open for breakfast, from 7:30 to 11:00 where in the past five years we've never done that. so you have to be willing to innovate and adapt to the circumstances and change as we move forward in the pandemic. >> this week we saw one of the highest i.p.o.s in history, that was for door dash. we're talking about a company that's going to benefit because of these lockdowns and more people getting takeout or more people getting food delivery how much is a restauranteur in new

york city depending on services like door dash, grub hub and uber eats. >> we are heavily dependent on that, mainly from a marketing level. because of their fees and the amount of business done between the merchant and the delivery service, we are -- it's we're unable to make money. i believe our restaurant makes 2 cents or a cent on every dollar that we make through these delivery agents. it helps us keep the restaurant going and maintains markets and puts product going through it, however it's not good to make money. we won't pay rent based on that. we need people to come in. the best way to support is for guests to come in and order for themselves take out without going through those services at all times. it's tough to make money. they're really the ones reaping the benefit. >> there's also been some

chatter, talk about new york city trying to impose some kind of work or stay at home tax for deliveries made to new york city residents, x dollars per delivery. how will that pay out for business owners relying on those people staying at home to do that transaction? is it good or bad for the city? >> i would say that it's good, it's good for the city in that, listen, the fact is safety is paramount here we want to be safe, we want to see our loved ones make it through the pandemic and with a vaccine coming that's going to add another layer and level that we have to navigate. but the fact is, anything where the restaurants can operate while the customers are safe, i'm here for. however, i just don't know if the governor and mayor have had all the help they can get from the federal level. it's just -- it's a tough time, but we as restauranteurs we need to work through it all and need

to be willing to adapt to it as well. >> i'm sure a lot of restauranteurs, not just in new york city but across the country, are looking to d.c. for the signs of the stimulus talks. thank you we appreciate the time. good luck to you. >> thank you. still on deck for the show. much more on the rollout for pfizer's covid-19 vaccine. brian sullivan lays out how a nearly 200-year-old company is helping to get t

a historic day in this country as distribution of covid-19 vaccines begin. dr. carlos del rio of emery university is standing by to lay out what to expect in the days ahead. amid that vaccine rollout, stocks looking to bounce back after suffering a losing week. and new details emerging about a month long global hacking campaign hitting the u.s. government. we have the overnight developments it's monday, december 14th and you are watching "worldwide exchange" here on cnbc. welcome back to the show. this morning here is how your money and investments are looking right now as we are halfway through the 5:00 a.m.

eastern time hour. you'll see gains implied at the opening bell by roughly 200 points for the dow jones, roughly 20 points for the s&p and 39 points for the nasdaq overall. so a green day overall. we'll see if that sticks around. all of this as stocks snapped their multiwinning week friday. all three finishing lower with the s&p 500 closing down nearly 1% there. the worse of the performers in the overnight three. the rollout of pfizer's covid-19 vaccine, logistics have been a key question in the initiative, especially getting the treatment to smaller communities around the country. brian sullivan joins us now on the cnbc news line from shreveport, louisiana with that part of the massive story. good morning. >> good morning.

it feels like a new day in america, dow futures up 200 points, the vaccine on the way already today arriving in many spots. we came to louisiana because we want to tell the story about the rest of america. we talk about huge hospitals getting a direct shipment they have the ability to keep this stuff at negative 80 degrees celsius. that what it requires to stay stable for a long time, ultra cold freezers. what about some of the more rural areas? it is a different story. so not to get boring but here's how the vaccine will be distributed. they're calling them pizza boxes jokingly, they're more like small pallets. there are 975 doses in a pallet. when you bring that dose in, you have to use all of it. it stays stable for about six hours at room temperature. so here's the question. if you send this to new york, chicago or any major metro area, you will have no problem finding

975 front line health care workers, elderly, people in phase one to take the dose. what about smaller rural areas? look at l.ouisiana this is a major challenge. they broke it up in nine hospital regions, they'll coordinate with different hospitals some are in more rural areas. morris and dixon, which is a 178-year-old fifth generation family run company here in shreveport, they get the vaccine delivered to them, but then they've got to break it down into smaller units. and we talked with paul dixon, jr., fifth generation, vp of operations, son of the ceo. he explained to us the critical time and temperature work it's going to take to get it switched out. listen. >> once the truck delivers the vaccine, they go into these all

the tra cold freezers you can see that negative 80 degrees, we're here with paul dixon, jr., fifth generation member of the family. once they come out of the freezers, where do they go? >> we'll break them down into smaller quantities in these trays that hold 20 viles. we'll take them here, pack this ice chest, there's a probe in the foam, we'll monitor the temperature the entire time. this digital data logger will show the temperature every ten seconds with a display on the outside. >> then they go in the trucks and you distribute them throughout louisiana. how much time do you have between taking them out of the freezer and getting them into that? >> less than three minutes. >> that's it, three minutes. so precision is key. >> that's right. >> temperature is key. >> very critical. >> so, dom, you think about that, less than three minutes otherwise it could risk the vaccine because they have to get

them to these different rural areas that may not need 975 doses. >> brian sullivan, thank you very much for that. we appreciate it. we'll look forward to your continuing reports out in shreveport, louisiana today. for a closer look at the rollout we are joined by dr. carlos del rio, dean of emery university's school of medicine. thank you for joining us. you heard brian's report, this is going to be a major undertaking with a lot of nuance that will split the difference between success and failure for this vaccine. how exactly is this going to go down and are we going to be worried that the vaccine may not get out as intended given the logistic's needs. >> as you heard, the logistics are very, very challenging. they're going to be different for every place in the country. having said that, i'm confident we will get it right. i'm confident a lot of effort has been put into doing this.

there's going to be hiccups, complications, there's going to be things that don't work but i think as we're doing it we'll learn what works and what doesn't. this is a challenging vaccine, you have to keep it at minus 80, comes in viles of almost 1,000 doses you have to use together. many hospitals are going to be scheduling providers to get vaccinated and almost have an understudy list, a second call list in case somebody doesn't show up. they may call and say you're due tomorrow but come today in order not to waste the vaccine. so a lot of challenges but i'm confident we'll get it right. >> we've seen so many graphics and stories about the life cycle of this vaccine from production to distribution and the shot going into my arm or somebody else's arm. what's the biggest risk factor during that kind of life cycle or supply chain for this virus and its vaccine, is it the

transportation itself or is it the distribution at the hospital? is it the administration? what exactly is going to be the thing we fear the most? >> i think what i fear the most are two things, the cold chain. keeping the cold chain is very hard. it's important to keep the cold chain and that's going to be a challenge. you heard how they're putting temperature sensors on the containers, et cetera. that's a huge challenge. you don't have a lot of time to keep the cold chain and you're moving it from different places. number two is vaccine reluctance, some people are nervous about getting vaccinated some people are saying who goes first, what's? do i want to go first? do i want to wait until my colleagues have been vaccinated before i go? i think it's going to take time for people to be comfortable saying i'm going to get vaccinated. as much information as we can provide, as much trust as we can provide, the better it's going to be. >> i'm glad you brought that up.

i'm curious. you're a doctor, a medical professional, in your mind what's the bigger unknown or risk, is it the idea we don't have enough of the vaccines to go around to everybody or is it that we do have enough and people don't feel inclined to take it? what's the bigger risk for america and the world right now? >> depends where you are. at the early stage right now we don't have enough vaccine. the people in the tier one that you mentioned about, the tier one are persons working in health care and people living or working in long-term care facilities, there are about 30 million people like that in america. the first shipment of doses about 2.9, 3 million doses, that's about 10% of people. we don't have enough. and we have to initially prioritize people. later on we'll have more vaccines. we'll have moderna, astrazeneca, johnson & johnson. and as we have more vaccines there's not going to be an issue

of sufficient vaccines here, but there will be in the world so it's going to take time to get it to people around the world and at that time i think the hesitancy are going to be a challenge we have to overcome. >> is there a possibility, with the names you reeled off, for people developing vaccines, is there a fear that the vaccinating public right now will get confused by all the vaccines out there? do you feel as though there's going to be any kind of confusion about whether or not somebody wants to take the moderna one or the pfizer one, or the hypothetical astrazeneca or johnson & johnson or novavax. what does that look like down the line when they're all out there? >> they're all going to be about the same, similar efficacy. it depends on which governments around the world purchased and what contracts they established. the reality is we need a lot of vaccines in order to supply the

whole world. i think about it as i think about brands of cars or equipment that people are using, i think at the end of the day, if the vaccines all have similar efficacy it doesn't matter what you get. you'll be better getting any vaccine than none of the vaccines. >> before we let you go, how important is it to get the vaccine? >> i think it's going to be critically important. this is the beginning of the end. i'm waking up this morning saying, today begins the beginning of the end of this pandemic, and the sooner we can vaccinate the population around the world, the sooner this is going to be over. >> dr. carlos del rio, thank you very much, we appreciate it. and pfizer's ceo will have more on the vaccination rollout on "squawk box," 8:00 a.m. eastern time this morning. a must watch interview there. now to the developing story out of washington d.c. and the revelation that hackers broke into federal agencies, including

the treasury department. amon joins us with the latest. what else do we know about this breach and the context around it? >> we got a lot of news overnight, but let me start with the "reuters" story that came out yesterday. they broke it late yesterday and what they said was somebody has been hacking into the treasury department and also into commerce's national telecommunications and information. the attack was so serious it led to a national security council meeting at the white house on saturday. the scope of the breach they reported was unclear. the investigation by the fbi and others is still in its early stages. but we got a report out last night from a cyber security company and what they said is they discovered this attack dates back to the spring of 2020. they said the attackers, whoever

they are, most likely a nation state, that is a government intelligence service somewhere around the world, they didn't name the government they thought was responsible here, and they said the government was able to access i.t. infrastructure management software, widely used software and they said they found the attack was worldwide, it hit private sector and public sector entities around the globe. it was individually tay tailored. it layed dormant for two weeks before gathering the information. this was not a disruptive attack necessarily. but there's a lot we don't know here. one more thing, the russian government last night denied responsibility for it, dom. >> the latest on that congressional push to reach a deal on virus aid for americans,

what can you tell us about where those talks stand? president trump has weighed in saying he doesn't see as much incremental development there, is that the case? >> yeah, look. there's a bipartisan group of senators working together behind the scenes to put together a $908 billion package here. unclear where that's going to go. we expect they're going to release the text of that today. and we also expect that they're going to do it in two parts. let me break it down for you. the first part is the hard part. that is they're going to put about $160 billion in aid for state and local governments in there. that's something that the democrats wanted. that's a tricky ask because republicans don't like that idea. they also put in temporary liability shields for businesses and nonprofits, schools and hospitals to protect them from lawsuits related to covid, that's something a lot of democrats don't want, those are two controversial provisions. they'll go alone in the part one

phase of this. the other piece is the remaining $748 billion, that's for vaccine distribution, schools, unemployment insurance benefits and small businesses. so there's a lot of money there. that's the more popular piece of it. not clear what the strategy is going to be, whether they mary those two things together or pass them separately and not clear where leadership stands on this. this is the gang of eight group doing it on their own. we'll see if they can get it done. coming up could a tough 2020 for commercial real estate carry

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welcome back. what you're seeing there is a live shot of times square in new york city, midtown manhattan just about 5:45 a.m. eastern time. there's a lot of commercial real estate not just in new york city but elsewhere, being impacted by the virus pandemic now many businesses are renting space, they were forced to shutter given the pandemic. for more on what's ahead, i'm joined by the senior vice president for economic research. thank you, calvin for being here. new york city is one, i'm familiar with it because i'm so close to it. how bad has the commercial real estate market been in 2020 given

the pandemic? >> obviously this pandemic has hit every aspect of the economy. real estate is no exception. a lot of tenants that may have been completely shutdown in the spring were not making cash flow, not able to make their rent payment, pay for their lease. so that caused distress in the real estate space. it's been concentrated in a couple sectors, in retail real estate, hotels and travel, the areas with a high risk of exposure. some of the other sectors are feeling difficulties but not as severe. the office market is struggling with some of the longer term implications of work from home. the apartment market is an interesting one. the downtown areas are seeing some move out. but the suburban areas in smaller cities are looking at an increase in demand. i want to stress that overall, the real estate sector began the year on stronger ground than it has when we had previous

downturns. look at the office market, they started the year about 2% of the existing stock. about half of what we had before the great financial crisis a decade ago. in the 1980s, construction was about 6%. so we have much fewer buildings coming on the market at a weak time. that's going to prevent much of an increase in vacancy rates as we would have seen. but we're in for a tough slog the next 6 months. >> with that in mind. since the virus vaccines have come to market, it's a big day here in the u.s. with the fpfizr vaccine. we've seen a number of markets return decently well, what can we expect out of the commercial real estate in what are the parts that bounce back the strongest in 2021 when the virus actually gets checked? >> we'll see those sectors most

impacted, the hotels, travel, those were areas shutdown because people were not traveling. they're opening up, seeing more revenue per room, more travelers coming through. those are the sectors that could see improvement this year. retail you're also going to see improvement. i would want to emphasize in terms of 2021, it's back loaded. we're not likely to see improvement in the next six months while people are getting the vaccine. it's going to take time. but the important news about the vaccines is it gave us a firmer end date for when the crisis is going to cause a real problem. we have more confidence that by the middle of the year, late part of the year, commercial real estate should be seeing more income coming in, a stronger recovery later this -- or later in 2021 especially to 2022.

>> where's the strength in the real estate market right now? you showed a chart with vacancy rates. i want to key in on the industrial side of things and what's happening with the work from home during the pandemic. is it true these warehouse-type operations will have a continued bright future given the new shift towards working from home and warehouse retail fulfillm t fulfillment? >> the warehouse -- these are the people delivering the packages. these are the businesses delivering the packages and they need to store them for a short period as they go for the final mile. if you're not in my neighborhood, you look around and what you see are delivery trucks, whether it's amazon, fed ex, something else, you're seeing a strong business in the logistics part of the industrial space. it's a prominent space and they're on fire. this part of the read sector is a relatively new part of commercial real estate.

the logistic space, delivering things to people buying them on the internet has really been powering the growth, has been very strong this year, should be stronger through the first half of next year. this is a strong part of the market. >> calvin, thank you very much. we appreciate it. >> thank you. on deck for the shows, stock set for the gains there you're seeing. phil orlando is standing by with the moves you need to make in this

welcome back. taking a look at futures this morning we are seeing the dow implied higher by roughly 200-some points here. the nasdaq higher by roughly 40

points. health officials prepare to begin administering pfizer's covid-19 vaccine all across the country today. for more on this and the trending day ahead, i'm joined by phil orlando. it's great to have you here. let's talk about with whether the positivity is justified. >> it's absolutely justified. the creation of the vaccine and the distribution that we're looking at that's going to roll out the next year is positive. the experts are telling us we're going to vaccinate 50 million americans a month. that's aggressive. even 25 million people a month, we'll have half the people vaccinated by the middle of next year. which means we approach critical mass and allow us to begin to normalize economic activity in terms of the restaurants, traveling and hotels in the back half of the year. so this is positive.

>> doesn't a market that's higher than it was pre-virus pandemic imply that investors and perhaps the public overall are expecting that things are going to be better in 2021 and beyond. i ask because it seems the market has gone quickly to the upside here. how much has been priced in? >> buy the rumor, sell the news. we're up 69% since the bottom of the market in march. up 16% since the end of october. so there's a lot of good news priced in. to take your argument here, there are several hurdles we have to look at. we're in the midst of a third wave surge in infections and mortalities. this week you have the deadline on the $900 billion fiscal stimulus discussion and the continuing resolution of washington. you have brexit at the end of the year. you have the january runoffs, january 5th, for the two georgia senate seats. so there's a lot of chop the next three weeks.

if we can look past that and manage these chops, the longer term picture looks great. that doesn't mean we can't see a little profit taking over the next couple of weeks. >> this is always the time of year, pre-pandemic that we talk about things like seasonality, in the latter part of the year, santa claus rallies, what we should be doing going into 2021. let's put the virus pandemic market affect aside here, how much is still intact given what we're seeing with the retail shopping season, the american consumer and the economic recovery we expect to see in 2021? >> we think the consumer is quite strong. we're expecting that christmas this year, defined as october through january, is going to be up somewhere 4 to 5%. christmas last year, over the same period is up 4.2%. so we're looking at, you know, a christmas that's as good or

maybe even better. and christmas tree sales, as you probably have heard are off the charts. christmas trees are sold out. i think we're going to have a good christmas, largely driven by online sales. the consumer is in pretty good shape, confidence is good. the labor market has come back, manufacturing is strong. i think the economic picture is a bright one. we do not subscribe to the double dip recession. we think the u.s. economy is in good shape. >> before we let you go, about 30 seconds left. what are your favorite parts of the market right now to get into for 2021? >> we neutralized our overweight in world cap technology last august we felt those stocks were ahead of themselves we focus on domestic large cap value, small cap and international. there's a huge valuation gap that those sectors have started to close since labor day, we think that trade continues

through calendar 2021. >> small caps and value sectors for sure. big ones to watch. phil orlando, thank you very much. great to have you with us. >> merry christmas to you. >> merry christmas to you and yours as well. >> thank for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin

good morning, december 14th, write it down, vaccines are on the way. trucks filled left pfizer's production plant yesterday and the first doses in the u.s. will be administered today. we have an interview with pfizer's ceo at 8:00 a.m. eastern. russia expected to be behind a huge act of u.s. government

agencies. we'll take you live to washington. tesla shutting down two production lines for 18 days. it's not clear why. but speculation is running wild. it is the 14th, vaccine day, 2020, "squawk box" begins right now. good morning, everybody. welcome to "squawk box." joe, you said it's vaccine day. this is d-day, which is the term you use any time there's a military front where we're going to be taking a significant strategic action, that's what this is. this is the turning point when we fight back against covid. that's probably why you s t